Entrepreneurship and Small Business Management

This presentation provides a detailed overview of entrepreneurship and small business management, covering types of entrepreneurs, types of ventures, typology, similarities and dissimilarities between small business and corporate ventures, and the scope of new entrepreneurial ventures in delivering successful product innovation to the market.

Entrepreneurship and Small
Business Management
LO1

 Introduction
 Entrepreneurship and type of entrepreneur
 Types of venture and Typology
 Difference between entrepreneurship
 Scope of new entrepreneurial venture
 Critical examination of factual data for development and growth
 Conclusion
 References
Table of content:

This presentation on entrepreneurship and small business management will
provide a detail overview of the entrepreneurial activities. The report starts
with explaining different types of entrepreneurial ventures along with their
similarities and dissimilarities. This presentation also covers different types of
typology which is used in entrepreneurship.
Introduction

Rather than working under other’s business organisation starting own business
which will support to livelihood of a particular person can be categorised as
entrepreneurship. A person who innovates ideas and thoughts for the purpose of
running a new business is known as entrepreneur.
Entrepreneurship

Types of Entrepreneur
Serial entrepreneur
An entrepreneur can be defined as serial entrepreneur when he will come
continuously with a number of different new ideas and make implementation
of these ideas.
Intrapreneur
An intrapreneur works for other within an organisation and he is responsible
to develop new ideas and products which will support to the growth and
development of the organisation in which he works.

Continue...
Social entrepreneurs: People who works for society and poor people in order
to provide them best services for their welfare is called social entrepreneur.
Such type of entrepreneurs understand the social problems and provide them
benefits.

A wide range of entrepreneurial ventures are observed in the real business world
two of them are explained below with examples-
Small business venture
The business organisation which is started by one or more entrepreneur in
order to manage the livelihood can be defined as small business venture.
Corporate venture
A venture can be defined as corporate venture when this venture has the
capacity to grow at a higher rate. A corporate venture might experience more
than 200% to 500% growth with the five years of starting its operation.
Corporate venture has high capability to develop and implement new
business ideas due to high capital base and high profitability.

Typology of Entrepreneurship
Salary entrepreneurship:
This entrepreneurship is considered as the basic category of the entrepreneurial
venture. Such type of entrepreneurship provides less expansion opportunity
as the entrepreneur starts it in order to manage its livelihood properly
collected by the entrepreneur from his savings.

Lifestyle entrepreneurship
In case of lifestyle entrepreneurship the entrepreneur searches for earning his
livelihood from the pattern in which he lead his personal and social life. Such
type of entrepreneurship is considered as the unique form of entrepreneurship as
the lifestyle of the owner is reflected in the business operation.

Cont..
All the entrepreneurial ventures have unique nature which support to
differentiate one venture from another. Although all entrepreneurial ventures
are different from one another in term of feature and operation, a number of
similarities are also observed among them.

Similarities between small business venture and
corporate venture
 Both ventures are started with the objectives to make money or earn profit
 Both ventures create employment opportunity that means contribute to
solve the unemployment problem.
 Business entrepreneurs bear financial risks at the time of introducing
business and running this.

Dissimilarities between small business venture and
corporate venture
Growth rate
Growth rate of small business venture is very low as this venture has a shortage of
capital and manpower. On the other hand, corporate venture enjoys more than
20% growth in an annual basis due to high capital and manpower.
Financing
In case of small business venture the capital is formed from the savings of the
entrepreneur. On the other hand, angel investors, capital market and venture
capitalist are the found providers of corporate venture.

Dissimilarities between small business venture and
corporate venture
Return pattern
The return from the small business venture is taken as the salary of the entrepreneur which is
spent in managing the livelihood of him. In case of corporate venture the entrepreneur expects
gain from his investment and it can be in the form of capital gain or profit (Reinink, 2010).
Investment in technology
In case of small business venture no or less investment in technology is observed. But, a
corporate venture requires high investment in technology.

Difference between types of entrepreneurship that are
as explained:

Public entrepreneurship
Yes, entrepreneurship can exist in public sector as enterprises are runs by public
authorities who works for people and their wants. Public entrepreneurship is
managed and run by the government or authority of the government. Such
entrepreneurship is managed considering the development of general people.

Cont..
For example, BBC, Tesco Plc and British Council are the most
successful public entrepreneurship of United Kingdom which is
controlling by public sector authorities. Such types of
organisation does not concern about the profitability and works
for social welfare.

Corporate entrepreneurship
In case of corporate entrepreneurship new products or new
business ideas are developed within an existing business firm.
For example, Ad sense of Google. The primary objective of
such entrepreneurship is to make profit and the secondary aim
is to contribute to the social and economic development in this
context.

Public and Corporate Partnership
Both public entrepreneur and corporate entrepreneur can work simultaneously
and can contribute to the social and economic development of United
Kingdom.
Example, transportation sector of United Kingdom is operated as public private
ownership.

Scope of new entrepreneurial venture in delivering successful
product innovation to market:
New entrepreneurial venture is playing an important role to become a successful business by
innovating product and delivering them effectively. The scope of new entrepreneurial
ventures is wider as it brings new products and services in market which attracts customers to
buy innovative products. For example, the lifestyle of people are continuously changing that
need to get new products and services. New products are introduced by entrepreneurs by
analysing their needs which gives them more satisfaction and increase profitability.

Critically examination of factual data for
development and growth of entrepreneurial
ventures
The growth and development of entrepreneurial ventures in UK is based on products and
services which attracts customers and make profits. It is important for entrepreneurs to
understand the demand of people firstly, them introduce products accordingly which can
attracts customer and maintain profits. If it provides maximum satisfaction to customers then
growth and development of ventures in UK is possible.

Conclusion
Entrepreneurs bring new product or service ideas which change
the lives of the customers by giving them experience of a better
life. It also increases the size of the economy and ensures
maximum utilisation of resources.

Reference
Runyan, R. C. and Covin, J. G., 2019. Small Business Orientation: A Construct Proposal.
Entrepreneurship Theory and Practice. 43(3). pp.529-552.
Satar, M. S. and John, S., 2019. The critical success factors of social entrepreneurship in India:
an empirical study. International Journal of Entrepreneurship and Small Business. 37(3).
pp.309-341.

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